\begin{tabular}{l*{9}{c}} \toprule
                    &\multicolumn{4}{c}{Brazil}                                                                 &\multicolumn{4}{c}{Denmark}                                                                \\\cmidrule(lr){2-5}\cmidrule(lr){6-9}
                    &\multicolumn{1}{c}{(1)}&\multicolumn{1}{c}{(2)}&\multicolumn{1}{c}{(3)}&\multicolumn{1}{c}{(4)}&\multicolumn{1}{c}{(5)}&\multicolumn{1}{c}{(6)}&\multicolumn{1}{c}{(7)}&\multicolumn{1}{c}{(8)}\\
\midrule
\textbf{Panel A:} Running t+1&                      &                      &                      &                      &                      &                      &                      &                      \\
\addlinespace
Conventional        &                 0.108&                 0.118&                 0.110&                 0.111&                 0.355&                 0.309&                 0.346&                 0.275\\
                    &         [0.095,0.122]&         [0.106,0.130]&         [0.093,0.128]&         [0.097,0.126]&         [0.312,0.397]&         [0.260,0.358]&         [0.301,0.391]&         [0.225,0.325]\\
\addlinespace
Robust              &                 0.104&                 0.111&                 0.096&                 0.095&                 0.300&                 0.242&                 0.266&                 0.210\\
                    &         [0.083,0.125]&         [0.096,0.127]&         [0.069,0.122]&         [0.074,0.115]&         [0.250,0.349]&         [0.188,0.297]&         [0.216,0.317]&         [0.147,0.273]\\
\midrule
\textit{N}          &                 80921&                260371&                 50129&                152803&                  7947&                  8213&                  7389&                  7624\\
Bandwidth           &                  2.07&                  6.69&                  1.30&                  3.93&                  7.10&                  8.16&                  5.45&                  6.03\\


\midrule
\textbf{Panel B:} Elected t+1&                      &                      &                      &                      &                      &                      &                      &                      \\
\addlinespace
Conventional        &                -0.025&                -0.022&                -0.046&                -0.036&                 0.288&                 0.252&                 0.269&                 0.225\\
                    &       [-0.040,-0.010]&       [-0.035,-0.009]&       [-0.065,-0.027]&       [-0.053,-0.018]&         [0.250,0.326]&         [0.208,0.295]&         [0.227,0.312]&         [0.178,0.272]\\
\addlinespace
Robust              &                -0.056&                -0.039&                -0.061&                -0.058&                 0.198&                 0.189&                 0.171&                 0.165\\
                    &       [-0.079,-0.033]&       [-0.057,-0.021]&       [-0.092,-0.029]&       [-0.082,-0.033]&         [0.145,0.252]&         [0.136,0.242]&         [0.114,0.228]&         [0.105,0.226]\\
\midrule
\textit{N}          &                 59054&                169986&                 36492&                 99970&                  6530&                  7757&                  5943&                  7081\\
Bandwidth           &                  1.52&                  4.37&                  0.95&                  2.57&                  3.58&                  6.44&                  2.75&                  4.76\\
Bandwidth selector  &                   MSE&                   MSE&                   CER&                   CER&                   MSE&                   MSE&                   CER&                   CER\\
Polynomial          &                Linear&             Quadratic&                Linear&             Quadratic&                Linear&             Quadratic&                Linear&             Quadratic\\
\bottomrule \end{tabular}
